Understanding the Banking Process for Brazil

The banking business process in PeopleSoft Global Payroll is optional. If you decide to use the banking business process, start by defining pages in the core application and continue with processing in Global Payroll for Brazil. Before running the banking process for Brazil, you must set up basic banking information in the core application, such as:

• Defining bank addresses.

• Identifying source banks and linking source banks to pay entities.

• Defining recipients.

• Defining payee bank accounts.

• Specifying net pay elections.

• Defining deposit schedules.

• Defining centralization data.

After running a payroll, funds are sent to the bank, along with instructions for payment. The bank needs to know who is going to be paid, how much they are to be paid, and which bank the wages are paid to. This information is extracted from the core application and stored in the Brazilian payroll files, based on a list of payees corresponding to those in the last payroll run. A file is created with a line for each payee, containing a name, bank account number and amount of money. This file is sent to the bank that then distributes the funds.